Walker & Dunlop, Inc. structured a $49.6 million loan for Arrowhead Summit, a 412-unit, Class B property at 18330 North 79th Ave. in Glendale, AZ. The financing was arranged for Cortland Partners, which is making its first investment in the Phoenix MSA.

Walker & Dunlop’s Stephen Farnsworth led the team in arranging the Freddie Mac acquisition financing for the borrower. The loan utilized Freddie Mac’s Mod-Rehab Program, which provides capital for the renovation and repositioning of multifamily assets at very competitive rates.

Atlanta-based Cortland’s Mike Altman says, “We are thrilled about this acquisition, and look forward to not only transforming Arrowhead Summit but also growing our footprint in the greater Phoenix market.”

The loan was structured as a float-to-float execution, allowing the borrower to complete roughly $9.2-million in planned renovations and upgrades. This initial term is followed by a seven-year floating rate loan with two years of interest-only payments.